Enterprise Risk Management
EDECS's Enterprise Risk Management (ERM) framework is a cornerstone of our governance structure, enabling us to effectively identify, assess, manage, and mitigate risks across our diverse business operations. Our robust ERM framework is designed to support our strategic objectives and safeguard our business continuity and reputation. To ensure our solid enterprise risk management, we commit to the following:
- Risk Management Framework: Our ERM framework, reviewed and approved by the Board of Directors, applies to all operating and support departments, projects, functions in our headquarters, wholly owned subsidiaries, and associated companies. This framework guides the process of identifying, assessing, measuring, and ranking risks, and selecting appropriate risk treatment options to bring risks within acceptable limits.
- Board Oversight and Accountability: The EDECS Board provides oversight and control to ensure the effective design and implementation of the risk management framework. Senior management, with the Board's guidance, engages resources to achieve business objectives while managing risks. This includes maintaining detailed risk registers at the departmental, functional, business unit, and project levels to track and manage risks proactively.
- Strategic Risk Management: EDECS's approach to risk management aligns with our strategic business direction, future expansion, growth plans, and diversification strategies. By integrating risk management into our strategic planning, we ensure that potential risks are identified early, assessed comprehensively, and addressed effectively to support our long-term goals.
- Continuous Improvement: We continuously evaluate and enhance our risk management practices to adapt to evolving business environments and emerging risks. This includes monitoring and reviewing the effectiveness of our risk management framework, learning from past experiences, and implementing improvements to strengthen our resilience and agility.
